Martin Lewis has urged anyone on a certain type of energy bill contract to 'check now' if they feel like they're suddenly paying more than they should.
The finance guru is known for helping the people of the UK out with their money worries, especially in the past few years, when the cost of living has skyrocketed and many are struggling.
Energy bills are a particular worry for a lot of people, and for those on a fixed contract, Martin says it's worth checking a few small details - as you could end up paying less.
Birmingham Live reports that the Money Saving Expert took to Instagram to share some important information following the end of the Energy Price Guarantee last week.
He said: "WARNING: On an energy fix CHECK NOW if your price just rocketed. On Sat, those who locked in on costly fixes - usually c.1yr ago - lost the govt 'Energy Price Guarantee' subsidy. If so you will see rates jump to substantially more than the price cap rates (see end of this tweet) So check if your fixes rates have changed.
"If so, and it's materially higher than the cap rates you should consider ditching the fix and moving to your provider's price cap (though factor in any early exit penalties). PRICE CAP RATES: Average direct debit price cap rates from 1 July - ELEC. Standing charge: 53.0p/day Unit rate: 30.1p/kWh - GAS.
"Standing charge: 29.1p/day Unit rate: 7.5p/kWh Yet this varies by region (and doesn't apply to N. Ireland) and how you pay." Mr Lewis added: "And please let me know if you do find this is the case."
This prompted questions from his followers who wondered if this was actually legal to do or not, to which Martin replied: "No people fixed at a high rate. The govt then subsidised it after they'd taken it out - they are now returning to the initially contracted rate."
A follower replied saying: "I found that with British Gas despite fixing last year, they then moved us to a rate which was HIGHER than the price cap, arguing that the price cap applied differently for fixes."
And another typed: "I did get an Email from Scottish Power about this before the new cap came into force, it was going to jump to about 50p/kWh for Elec and 14p/kWh for gas I switched to the Standard Rate immediately."
You can check how much you're paying per unit of gas and electricity by having a look at your energy bill.
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